what would the cash be end of august , page-4

Recooperating,

Not sure you are right about the IPM or SAE buybacks. In the case of SAE I think it may have gone a lot lower.

As for COE, it's better for COE to buy it's own deeply undervalued stock, than to buy stock of another oiler eg MOS over which they have no influence.

Buying deeply discounted stock is better than cash in the bank, buying your own stock is safe.

As to the report, I found nothing of real interest except remuneration. Imho management is being paid at levels more appropriate for a $billion company. The options are over the top, so is the base remuneration, for Scott and Todd, (and perhaps others). To get 5mm options as well as being paid over $560k in cash is far too much for one not so successful year imho. Perhaps part of the midset associated with never seeing that surplus cash should return to shareholders.
EL